Headwater Gold Receives Drill Permit for Lodestar Project, Nevada
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Headwater Gold Receives Drill Permit for Lodestar Project, Nevada
Vancouver, British Columbia, October 2, 2025: Headwater Gold Inc. (CSE: HWG) (OTCQB:
HWAUF) (the "Company" or "Headwater") is pleased to announce it has received approval for the
Lodestar Plan of Operations from the U.S. Forest Service and is authorized to commence drilling
activities. Mobilization of earth work equipment to site will begin immediately in preparation for an
inaugural up to 3,500 metre drill program. The Lodestar project is located in the Walker Lane
mineral belt in western Nevada and is being explored in partnership with Newmont Corporation
(“Newmont”) (NYSE: NEM, ASX: NEM, PNGX: NEM) through an earn -in agreement announced
on May 9, 2023.
Highlights:
• Drill Permit Approved: The U.S. Forest Service has approved the Lodestar Plan of
Operations and authorized the commencement of drilling, allowing work to start
immediately.
• Mobilization Underway: Earth work and core drilling contractors have been notified to
commence mobilization to site.
• Fully Funded Program: The planned drill program is fully funded through a US$2M
minimum expenditure commitment by Newmont. The program is expected to consist of up
to 3,500 metres, comprising of 10 to 15 holes.
• Priority Zodiac Target: Initial drilling will test beneath the prominent silica sinter ridge at
the Zodiac target, currently interpreted as the preserved paleosurface of an epithermal
system which shows evidence of a dynamic hydrothermal activity which the Company
considers significant.
Caleb Stroup, President and CEO of the Company, states: “We are very pleased to have this
much-anticipated permit in place, providing permission to commence drilling at Lodestar. The
upcoming program is particularly exciting, as it will be the first-ever test of what we consider to be
a very high-priority untested high- grade vein target. The project exhibits all the hallmarks of a
robust and well-preserved epithermal system, with extensive silica sinter development and strong
alteration features exposed at surface, yet the underlying feeder structures remain completely
untested by drilling. We believe this presents a rare opportunity to make a new discovery in one
of Nevada’s most prospective epithermal gold districts, and we are eager to get drills turning and
begin unlocking this potential for our shareholders.”
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Figure 1: A) Looking southeast at the Zodiac target sinter and silica ribs forming a resistant ridge; B)
Alternating laminated, palisades, and clotted silica sinter textures; and C) Cross-cutting banded quartz veins
in silicified rhyolite.
About the Lodestar Project
The Lodestar project is located in the Aurora Mining District in the Walker Lane belt, west-central
Nevada, approximately 10 km north of Headwater’s Spring Peak project and adjacent to Hecla
Mining Company’s past -producing Aurora mine complex, which hosts existing infrastructure
including a 600 ton per day mill, several production water wells and high -voltage three-phase
power. The project features a prominent silicified and brecciated ridgeline capped by a silica
sinter, similar to the sinter overlying the Disco Zone at Spring Peak, where Headwater intersected
high-grade gold mineralization, including 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m.
Historic shallow drilling at Lodestar encountered anomalous gold but did not test deeper feeder
structures, leaving exploration potential largely untested. Headwater holds an option to acquire a
100% undivided interest in the Lodestar project from a private vendor, subject to retained royalties
and Newmont’s option to acquire up to 75% of the project follow ing certain expenditures and
delivery of a Pre-Feasibility Study within a designated time frame.
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Figure 2: Map of the Headwater Spring Peak and Lodestar land positions within the Aurora trend showing
area of the Spring Peak 2024 drill program. [1]Vikre and others (2015); [2]Borealis Mine 43- 101 dated
February 16, 2024; [3]Long and others (1998).
About Headwater Gold
Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a technically -driven mineral exploration
company focused on exploring for and discovering high- grade precious metal deposits in the
Western USA. Headwater is actively exploring one of the world’s most well -endowed, mining-
friendly jurisdictions, with a goal of making world-class precious metal discoveries. The Company
has a large portfolio of epithermal vein exploration projects and a technical team with diverse
experience in capital markets and major mining companies. Headwater is systematically drill -
testing several projects in Nevada and has strategic earn- in agreements with Newmont on its
Spring Peak and Lodestar projects. In August 2022 and September 2024, Newmont and Centerra
Gold Inc. acquired strategic equity interests in the Company, further strengthening Headwater ’s
exploration capabilities.
For more information about Headwater, please visit the Company's website at
www.headwatergold.com.
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Headwater is part of the NewQuest Capital Group which is a discovery -driven investment
enterprise that builds value through the incubation and financing of mineral projects and
companies. Further information about NewQuest can be found on the company webs ite at
www.nqcapitalgroup.com.
On Behalf of the Board of Directors
Caleb Stroup
President and CEO
+1 (775) 409-3197
For further information, please contact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
References:
Vikre, P.G., John, D.A., du Bray, E.A., and Fleck, R.J., 2015, Gold-silver mining districts, alteration
zones, and paleolandforms in the Miocene Bodie Hills volcanic field, California and Nevada:
U.S. Geological Survey Scientific Investigations Report 2015–5012, 160 p.
Borealis Mining Company Limited, 2024, NI 43 -101 Technical Report, Project Status Report
Borealis Mine Nevada USA: Prepared by Douglas Reid. Effective Date: October 10, 2023;
Report Date: February 16, 2024.
Long, K.R., DeYoung, J.H., and Ludington, S.D., 1998, Database of significant deposits of gold,
silver, copper, lead, and zinc in the United States: U.S. Geological Survey Open-File Report 98-
206 A, B, 33 p.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Dr.
Gregory Dering, P.Geo (AIPG CPG -12298), a “Qualified Person” (“QP”) as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Dering is not independent
by reason of being the Company’s Vice President of Exploration.
References
Forward-Looking Statements:
This news release includes certain forward- looking statements and forward- looking information
(collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included herein including, without limitation,
statements regarding future capital expenditures, exploration activities and the specifications, targets,
results, analyses, interpretations, benefits, costs and timing of them, Newmont’s anticipated funding of the
earn-in projects and the timing thereof, and the anticipated business plans and timing of future activities of
the Company, are forward- looking statements. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always,
forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”,
“should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or
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variations of such words including negative variations thereof, and phrases that refer to certain actions,
events or results that may, could, would, might or will occur or be taken or achieved. Forward- looking
statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to differ materially from any future results,
performance or achievements expressed or implied by the forward-looking statements. Such risks and other
factors include, among others, risks related to the anticipated business plans and timing of future activities
of the Company, including the Company’s exploration plans and the proposed expenditures for exploration
work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and
plans, the risk that Newmont will not elect to obtain any additional prognostic interest in the earn-in projects
in excess of the minimum commitment, the ability of the Company to obtai n the required permits, changes
in laws, regulations and policies affecting mining operations, the Company’s limited operating history,
currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors
discussed under the heading “Risk Factors” in the Company’s prospectus dated May 26, 2021 and other
filings of the Company with the Canadian Securities Authorities, copies of which can be found under the
Company’s profile on the SEDAR+ website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward- looking statements. The Company
undertakes no obligation to update any of the forward-looking statements, except as otherwise required by
law.